Saudi Arabia has shown impressive progress in helping to ease businesses and increase investor confidence, according to a world report.
According to World Bank Group, Saudi Arabia is one of the top G20 countries that are working to improve the business climate, and is ranked second, among the G20 countries, in offering high-income.
Among the 10 axes countries were ranked on for ease of business, Saudi Arabia achieved 6 of the 10; protecting minority investors, enforcing contracts, starting a business, cross-border trade, registering property and settling bankruptcy.
Saudi’s improvements in protecting minority investors resulted in ranking 10th in the world, giving confidence for foreign investors looking to expand into the Kingdom.
In facilitating the payment of taxes, Saudi improved the electronic filing system used to pay taxes and increased tax returns. They also reduced the number of hours required to pay taxes, from 67 to 47 hours, the report highlighted.
The Kingdom has improved cross-border trade by reducing the number of documents required for customs clearance and reduced the processing time required by 9 days for exports (90 to 81 days) and imports (131 to 122 days).
Another one of the reforms by the Kingdom is to improve the efficiency of the land management system by simplifying the registration procedures.
This is the first time Saudi Arabia has achieved reforms in 6 axes, as opposed to 4 in 2009 and 2011.
Saudi’s results were achieved through Taysir, a committee dedicated to improving the performance of business in the private sector.
The committee works in line with the government to ensure efficiency and improvement of business practices, to improve the indexes for ease of doing business and improve the Kingdom’s ranking in the Global Competitiveness Report.
The committee aims to create a plan to support the performance of businesses in the private sector and encourage their participation in economic development aligned with the Vision 2030.
The committee also aims to improve laws and regulations that affect the business environment in Saudi.